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The IPO market cooled in November to produce only a trio of IPOs, the slowest November since the height of the global financial crisis in 2008. The first eleven months of 2016 have produced 91 IPOs—39% below the 150 IPOs over the corresponding period of 2015.

The IPO market produced 19 IPOs in October, representing the highest monthly figure since the 33 IPOs in June 2015. Over the first ten months of 2016, there have been 88 IPOs—36% below the 138 IPOs over the corresponding period of 2015.

The IPO market produced 14 IPOs in September, representing the second highest monthly figure for 2016 and only one behind May’s tally of 15 IPOs. The month’s total represents the third‑busiest September since 2000, trailing 2013 (20 IPOs) and 2014 (17 IPOs).

The IPO market continued its tepid pace in August, with the month producing seven IPOs. Over the first eight months of 2016, the tally of 54 IPOs represents less than half the number of IPOs over the first eight months of 2015 and less than one-third the number of IPOs for the same period in 2014.

June mustered only seven IPOs, down from 15 IPOs in May, and in sharp contrast to the preceding two years—in both 2014 and 2015, June produced the highest monthly IPO count of the year, with 30 and 33 IPOs, respectively. The June 2016 tally brings the number of IPOs over the first half of the year to 37—the fourth lowest half-year total in at least twenty years, trailing only 2003 (seven IPOs), 2009 (12 IPOs) and 2008 (21 IPOs).

The IPO market in May produced 15 IPOs, doubling the count for the first five months of 2016 to 30 IPOs. Gross proceeds for the month were $3.56 billion, buoyed by a pair of billion-dollar IPOs, the first such sized offerings since last October (the solitary billion-dollar IPO of 2015). May’s tally brings gross proceeds over the first five months of the year to $5.60 billion, 28% below the $7.78 billion raised over the first five months of 2015.

The IPO market produced seven IPOs with gross proceeds of $1.22 billion in April, for the best monthly performance of 2016 as the IPO market slowly pulls itself out of the slumber that has persisted since mid-2015. Year-to-date, there have now been a total of 15 IPOs for gross proceeds of $1.89 billion.

The first quarter of 2016 produced a meager eight IPOs with gross proceeds of $667 million. Only once over the prior 12 years has the first quarter produced a lower tally—there were only two new offerings in the glum post-financial-crisis first quarter of 2009.

The 2015 IPO market produced 152 IPOs, a disappointing tally that lagged well behind the 244 IPOs in 2014 despite continued strength in the life sciences sector. Setting aside the anomalous years of 2008 and 2009, however, the 2015 total was largely in line with the annual average of 157 IPOs that prevailed over the ten-year period preceding 2014.

The December IPO market produced a pair of new offerings. Only once in the preceding 15-year period has the month of December seen a lower IPO count, as 2008 failed to produce a single IPO for the month in the midst of the financial crisis.

The November IPO market produced a dozen IPOs with gross proceeds of $1.30 billion. The month’s tally brings the total number of IPOs over the first 11 months of 2015 to 150 with total gross proceeds of $24.63 billion—35% below the 231 IPOs over the first 11 months of 2014 and 10% below the 167 IPOs over the first 11 months of 2013.

The market produced 16 IPOs in October, bringing the total number of IPOs over the first 10 months of the year to 138. Gross proceeds for the month were $5.08 billion—the second highest monthly figure since September 2014—lifting gross proceeds over the first 10 months of 2015 to $23.34 billion, 66% below the $68.35 billion figure for the first 10 months of 2014, but within 10% of the first 10 month average of $25.55 billion for the 10 years preceding 2014.

The IPO market produced six IPOs in September, bringing the total number of IPOs over the first three quarters of the year to 122. After picking up pace in June when the IPO market produced 33 IPOs, the highest monthly count since August of 2000, the monthly IPO count declined sequentially over the third quarter to produce a total of 31 IPOs—only three IPOs over the 28 produced in the first quarter of the year. The year’s IPO count through September 30 nonetheless represents the fifth highest first three quarter total in the fifteen years since the end of the dot-com era.

The IPO market produced nine IPOs over the first two weeks of August, followed by a solitary IPO over the last two weeks of the month as the market entered the customary interlude around the Labor Day holiday. Total gross proceeds for the month were $1.36 billion. The first eight months of the year have seen a total of 116 IPOs with gross proceeds of $17.51 billion, 53 IPOs (or 31%) below the 169 IPOs over the first eight months of 2014.

The IPO market produced 15 IPOs in July with gross proceeds of $2.74 billion. July’s tally brings the total number of IPOs over the first seven months of 2015 to 106, the fourth highest total for the first seven months of the year since 2000. Gross proceeds over the first seven months of 2015 climbed to $16.15 billion, 63% less than the $35.61 billion in gross proceeds raised over the first seven months of 2014.

The IPO market continued to accelerate in June with the month producing 33 IPOs, the highest monthly count since the 65 IPOs in August of 2000. June’s tally brings the total number of IPOs over the first half of the year to 91, the third highest level for the first half of the year since 2000. While the number of IPOs in the first half of 2015 fell 41 IPOs, or 31%, below the 132 IPOs in the first half of 2014, the 63 IPOs in the second quarter of 2015 represent the fourth highest figure for any quarter since 2000.

The IPO market picked up pace in May, with the month producing 16 IPOs. The five-month tally of 58 IPOs is 43% below the 102 IPOs over the first five months of 2014, but nonetheless represents the fifth highest first five-month tally since 2000, trailing only the 78 IPOs in the first five months of 2007, the 64 IPOs in the first five months of 2006 and the 61 IPOs in the first five months of 2012.

The pace of the IPO market moderated in the first two weeks of April before gaining momentum to end the month with 14 IPOs—the highest monthly tally since the 21 IPOs in November 2014, although short of the monthly average of 20 IPOs that prevailed in 2014.

The IPO market continued its moderate pace in March. The month produced nine IPOs, bringing the total for the first quarter of 2014 to 28 IPOs—the first quarter since the second quarter of 2013 not to produce at least 50 IPOs and the second lowest first quarter total over the last five years.

Momentum in the IPO market ebbed in February with the month producing only six IPOs—the lowest monthly figure since the four IPOs in February 2013. The 19 IPOs over the first two months of 2015 are just over half the total of 37 IPOs produced in the first two months of 2014.

The January IPO market produced 13 IPOs with gross proceeds of $1.24 billion, the first IPO not coming until mid-month. The last two days of January alone produced seven IPOs. All 13 IPOs in January came from emerging growth companies, compared to 85% for full-year 2014.

Building on the momentum from 2013, and boosted by a strong performance from life sciences and venture capital–backed companies, the 2014 IPO market produced 244 IPOs. The year’s total was the highest annual figure since 2000 and almost one-third higher than the annual average of 186 IPOs recorded between 2004 and 2007—the last period of sustained offering activity.

The November IPO market produced 21 IPOs with gross proceeds of $3.26 billion over the first three weeks of the month before shutting down for Thanksgiving. Not since 2010 has the Thanksgiving week seen an IPO. The year-to-date total of 231 IPOs is 30% greater than the 178 IPOs in all of 2013. Gross proceeds through the first 11 months of the year were $71.6 billion, or 74% above the full-year 2013 total of $41.3 billion and only 6% below the total gross proceeds in 2012 and 2013 combined.

The October IPO market produced 24 IPOs—the second highest number for the month since 2000, behind only the 26 IPOs in October 2004. The year-to-date total of 210 IPOs is the highest annual figure since the 445 IPOs in 2000. Gross proceeds in October were $4.05 billion, bringing the total over the first 10 months of 2014 to $68.4 billion, or 66% above the full-year 2013 total of $41.3 billion.

About This Blog

This blog focuses on IPOs, including legal and regulatory developments affecting the IPO market, analysis of market practices, and information of interest to all companies planning or hoping to go public. Blog host
David Westenberg, a partner in the firm’s capital markets group, is one of the country’s foremost authorities on IPOs. He writes and is quoted frequently on the IPO market, and is the author of the acclaimed book, Initial Public Offerings: A Practical Guide to Going Public. You can also follow him on Twitter:
@DWestenbergIPO.

In every area of practice, WilmerHale brings the insight, dedication to excellence, and commitment to client service needed for our clients to achieve their business objectives. Our five-department structure and team approach to service enable us to provide the highest level of responsiveness and access to lawyers with the most appropriate experience.